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IN BRIEF / MANAGEMENT

Buffett's Firm Names Independent Directors

May 09, 2003|From Reuters

Billionaire investor Warren Buffett jumped into line with proposed corporate governance rules as his Berkshire Hathaway Inc. appointed two independent directors.

Berkshire named Donald Keough, a former president of Coca-Cola Co., and Thomas Murphy, formerly chief executive at Capital Cities/ABC Inc., as directors, putting independent directors in the majority on the board.

Although Buffett is known as a beacon of good management, his company's board has long dismayed corporate governance experts. The board included Buffett himself, longtime business partner Charles Munger and Buffett's wife and son.

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